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| May 17th, 2006 |
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Media Contact(s): Peter Carr (202) 224-9854
Jared Whitley (202) 224-0134 |
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Printable Version |
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HATCH: EXTENDING TAX CUTS WILL HELP ECONOMY STAY ON TRACK
President Bush Signs Bill Extending Capital Gains and Dividend Tax Cuts |
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Washington – Sen. Orrin G. Hatch (R-Utah) was at the White House today as President George W. Bush signed into law legislation that will continue the strong economic growth the United States has experienced over the past three years.
“Now Utahns won’t face a dramatic tax hike when they prepare their taxes next year,” Hatch said. “Our economy is on the right track, and this will help us keep it there. We’ve made taxes on investments low so Americans can save and re-invest more of their money. That’s helped create jobs, increase productivity, and build retirement security.”
The new tax law, the Tax Increase Prevention and Reconciliation Act (H.R. 2497), extends the 15 percent rate on long-term capital gains and dividends from 2008 to 2010, after which the rates will revert back to 20 percent. For low-income taxpayers, the current rate is zero percent, and will revert to 10 percent when the tax cuts expire.
In 2001, 224,000 Utah families reported dividend income, as did 171,000 small businesses, according to the Heritage Foundation. Since the tax cuts were enacted, a total of 5.2 million jobs have been created and unemployment is at a 20-year low of 4.7 percent. In Utah, unemployment is only 3.4 percent.
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